The global glucose biosensor market size was USD 10.20 Billion in 2021 and is expected to register a revenue CAGR of 7.9% over the forecast period, according to a latest report by Reports and Data.
The global glucose biosensor market size was USD 10.20 Billion in 2021 and is expected to register a revenue CAGR of 7.9% over the forecast period, according to a latest report by Reports and Data. Increase in awareness about monitoring glucose levels is a key factor driving market revenue growth. Glucose biosensors are devices that measure concentration of glucose in diabetic patients by means of sensitive protein.
Obesity is majorly caused by unhealthy lifestyle accompanied by a lack of exercise and is found to be more associated with people having diabetes. According to Centre of Disease Control and Prevention (CDC), prevalence of diabetes among the U.S. population was 41.9%. Most people in the U.S. don’t follow a healthy diet and consume excessive amount of sodium, saturated fat, and sugar, which increases their chance of developing diabetes. In the U.S., carbohydrates from food of lesser nutritional value, such as refined grains and cereals, added sugars, and potatoes, account for 42% of all calories ingested. However, only 9% of calories come from carbohydrates with higher nutritional value such as whole grains, fruits, legumes, and non-starchy vegetables.
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Recent technological advancements and significant investments in research are also driving market revenue growth. For instance, on 8 July 2021, GBS Inc., which is a life science company developing non-invasive, real-time diagnostic testing for patients and health practitioners, received a funding of USD 4.7 million for setting up a biosensor manufacturing facility. The Australian Federal Government’s Modern Manufacturing Initiative’s Medical Products Priority Grant will help to develop a high-tech medical device manufacturing facility in Australia to start scaled production of printable organic electronic biosensor technology for the APAC region.
Some Key Highlights From the Report
- On 11 March 2021, F. Hoffmann-La Roche Ltd., which is a Swiss multinational healthcare company introduced a new Accu-Chek Instant system, which supports and facilitates the company’s integrated Personalized Diabetes Management strategy (iPDM). In addition, Bluetooth link between Accu-Chek Instant and mySugr application enables wireless uploading of blood glucose, resulting in mySugr app. Along with diabetes management tools, such as mySugr insulin calculator, this application provides users with rapid access to their diabetes data.
- The electrochemical segment accounted for largest revenue share in 2021 owing to their higher sensitivity, repeatability, ease of maintenance, and low cost. Electrochemical biosensors can be coupled with Labs-On-Chips (LOCs) to provide ideal Point-of-Care (POC) analytical platforms since they are practical, sensitive, and quick to react. These tools aid in early disease diagnosis and improve the likelihood of a patient’s recovery. Electrochemical biosensors offer an appealing way to examine the content of a biological sample through direct conversion of a biological event to an electrical signal.
- The North America market accounted for largest revenue share in 2021. Significant investments in healthcare infrastructure and launch of new and innovative products are key factors driving market revenue growth. The U.S. market accounted for largest revenue share owing to presence of market companies such as Abbott, Dexcom, Inc., Medtronic, and many others. In addition, awareness programs launched by government in this country are significantly contributing to market revenue growth.
The ongoing pandemic is significantly changing the dynamics of the pharma and healthcare sector. Various countries are facing challenges such as shortage of medicines, vaccines, healthcare devices in hospitals. This is expected to open lucrative growth opportunities for market players in the coming years.
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Competitive Landscape:
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, merger and acquisitions, collaborations, and joint ventures to gain robust footing in the market.
Top Companies Profiled in the Report:
Abbott, Dexcom Inc., F. Hoffmann-La Roche Ltd., Sanofi, Bayer AG, GlySens Incorporated, Trividia Health, Inc., Medtronic, LifeScan, IP Holdings, LLC., and Senseonics.
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Glucose Biosensor Market Segmentation:
Product Type Outlook (Revenue, USD Billion; 2019–2030)
- Continuous Glucose Monitoring (CGM)
- Self Monitoring Blood Glucose (SMBG)
Technology Type Outlook (Revenue, USD Billion; 2019–2030)
- Electrochemical
- Optical
- Piezoelectric
- Others
End-Use Outlook (Revenue, USD Billion; 2019–2030)
- Hospitals
- Homecare
- Diagnostic Centers
Regional Outlook:
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
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